Before starting a new business all the options should be examined to make a perfect decision. The companies Act 2013, is the principle documents which has to be followed for all rules and regulations. One of the primary steps is to obtain the DSC and DIN for the proposed Directors in case the business is based on a company structure including private, public, or one person company. For a private company, a minimum of two Directors and for public company seven directors are a minimum. While DSC may not be mandatory for all Directors, the Act clearly states that all proposed directors should apply for DIN.
It is followed by company name registration online for which an application is filed with the registrar. In the name reservation application, 1 to 6 choices can be filled in a preferential order. Guidelines are present which prohibits certain words and already registered names. To avoid any wastage of time, before filing for the name search service of MCA portal can be used to check the available options and the names already registered. A name approval certificate reserves the name for 60 days within which the remaining procedure is to be completed. Which includes the filing of the memorandum and objects clause within the concerned registrar. These are principle documents defining powers, objectives, responsibilities of the company and need to be drafted carefully by experts. In case there are loopholes, the company may need to make alterations too regularly in the future.
Also, the time frame should be kept in check, in case it takes more than 60 days, the company may have to go through the name approval procedure again as the name is reserved only for a fixed time. The documents should also include copies of PAN card, address proof, identity proof, NOC of the registered office owner, and in the case of a foreign director notarized passport in the English language is mandatory. The registrar issues a certificate of incorporation and allots a corporate identity number to the company. Additional compliance consulting firms include obtaining PAN, TAN, and Bank account for the company. Fast track company registration is possible using form INC-29. Sector 8 Company or NGO is a not for profit entity which can be registered as a public or private company.
CCV India is a reliable corporate advisory firm providing secretarial services for company incorporation. It is also a financial advisory for business valuation, equity listing, FEMA, FERA, due diligence, and corporate restructuring.
Conclusion: For company registration, due procedure mentioned in the Act should be followed and for any help, advisory services can be consulted.